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ISLAMABAD: The US dollar continued its downward slide against the Pakistani rupees as it depreciated by 2.41 rupees in the interbank market on Thursday.
At the opening of business on Thursday, the rupee appreciated against the US dollar and one dollar was Rs2.50 paise in the interbank market.
US dollar closed at Rs221.91 paise in the interbank yesterday, while the dollar closed at Rs224 at the close of business on Friday.
Wednesday’s increase was the seventh successive gain for the currency that hit its all-time low of 239.94 against the US dollar last month. It has since appreciated by over 8 percent. During the previous week, the rupee registered a substantial gain of 6.8 percent to close at 224.04 in the inter-bank.
Read more: USD to PKR: Pakistani rupee surges against US dollar
The rupee closed stronger throughout the week, maintaining its momentum as Pakistan reported a narrower trade deficit and much lower import bill during July, taking pressure off the currency that had taken a hammering at the hands of the dollar recently.
The improvement in market sentiment was driven after the International Monetary Fund (IMF) said that with the increase in petroleum development levy (PDL), Pakistan has completed the last prior action for the combined seventh and eighth review, adding that the board meeting is tentatively planned for late August once adequate financing assurances are confirmed.
Later, in an official statement, an official source in Abu Dhabi emphasised the UAE’s intention to invest $1 billion in Pakistani companies in various economic and investment sectors, taking Pakistan closer to meeting what the IMF calls a funding gap.
